JAKARTA Charlie Munger, Warren Buffett's right-hand man, suggested that the United States follow China's footsteps in banning cryptocurrencies. He also stated that cryptocurrencies are a form of gambling.
In an opinion article published by the Wall Street Journal on February 2, Munger said that hundreds of new cryptocurrencies entering the market have provoked the public to buy at a much higher price, thus providing benefits for marketers.
Munger, a Bitcoin critic, also added that the overabundance in the crypto market was caused by imbalances in regulation. Therefore, he called on the US government to regulate the market by enacting federal laws.
He compared cryptocurrencies to gambling forms with nearly 100 percent profits for the dealer.
"Cryptocurrencies are not currency, not commodities, and not securities. On the other hand, this is a form of gambling with almost 100% profit for the dealer," said Munger.
Munger suggested that the US learn from the Chinese government in dealing with crypto. He stated that China made a wise decision by assessing that crypto would be more detrimental than benefiting, thus banning the type of asset in September 2021.
In July 2022, Munger compared crypto assets to open sewers and called crypto holders crazy for not investing wisely.
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